AAON, Inc. $AAON Stake Trimmed by Copeland Capital Management LLC

Key Points

• Copeland Capital Management reduced its AAON stake by 5.3% in the third quarter, selling 40,016 shares and retaining 710,180 shares valued at approximately $58.8 million. Institutional investors collectively own 70.81% of the company.
• AAON reported quarterly EPS of $0.69, beating estimates by $0.18, while revenue rose 101.2% year over year to $626.98 million. Shares opened at $86.19, compared with a 12-month range of $73.19 to $150.46.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $123.33, despite several target-price reductions. The company also pays a $0.10 quarterly dividend, while two insiders recently purchased shares.

Copeland Capital Management LLC reduced its holdings in AAON, Inc. (NASDAQ:AAON - Free Report) by 5.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 710,180 shares of the construction company's stock after selling 40,016 shares during the period. AAON makes up 1.3% of Copeland Capital Management LLC's portfolio, making the stock its 22nd largest holding. Copeland Capital Management LLC owned approximately 0.86% of AAON worth $58,775,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC raised its holdings in AAON by 48.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 549 shares of the construction company's stock valued at $45,000 after buying an additional 178 shares during the period. Summit Securities Group LLC boosted its stake in AAON by 73.9% during the first quarter. Summit Securities Group LLC now owns 1,024 shares of the construction company's stock worth $85,000 after buying an additional 435 shares during the period. NI Acquisitions Company LLC purchased a new position in AAON during the second quarter worth $102,000. Central Pacific Bank Trust Division purchased a new position in AAON during the third quarter worth $103,000. Finally, Commerzbank Aktiengesellschaft FI bought a new position in AAON during the first quarter valued at $166,000. 70.81% of the stock is owned by hedge funds and other institutional investors.

AAON Price Performance

Shares of AAON opened at $86.19 on Wednesday. The company has a 50 day moving average of $81.97 and a two-hundred day moving average of $101.89. The company has a quick ratio of 2.01, a current ratio of 3.01 and a debt-to-equity ratio of 0.43. AAON, Inc. has a twelve month low of $73.19 and a twelve month high of $150.46. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 43.92, a price-to-earnings-growth ratio of 1.58 and a beta of 1.41.

AAON (NASDAQ:AAON - Get Free Report) last announced its earnings results on Monday, August 10th. The construction company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.18. AAON had a return on equity of 17.32% and a net margin of 8.24%. The company had revenue of $626.98 million for the quarter, compared to analyst estimates of $508.82 million. During the same period in the prior year, the company posted $0.22 EPS. The firm's quarterly revenue was up 101.2% compared to the same quarter last year. As a group, analysts predict that AAON, Inc. will post 2.33 earnings per share for the current fiscal year.

AAON Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.5%. AAON's dividend payout ratio is currently 20.83%.

Wall Street Analysts Forecast Growth

AAON has been the topic of several recent analyst reports. Oppenheimer reduced their target price on shares of AAON from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. Zacks Research cut shares of AAON from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AAON in a research note on Monday. DA Davidson reiterated a "buy" rating and set a $110.00 price target on shares of AAON in a report on Tuesday, September 15th. Finally, Robert W. Baird reduced their price objective on shares of AAON from $150.00 to $135.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $123.33.

Insider Buying and Selling

In related news, Director David Stewart purchased 1,000 shares of the firm's stock in a transaction on Tuesday, September 15th. The stock was bought at an average cost of $74.66 per share, with a total value of $74,660.00. Following the completion of the acquisition, the director owned 4,000 shares of the company's stock, valued at $298,640. The trade was a 33.33% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Matthew Shaub bought 457 shares of the business's stock in a transaction dated Friday, August 28th. The shares were bought at an average cost of $76.42 per share, with a total value of $34,923.94. Following the purchase, the executive vice president directly owned 3,136 shares of the company's stock, valued at approximately $239,653.12. This represents a 17.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 18.09% of the company's stock.

AAON Profile

AAON, Inc NASDAQ: AAON designs and manufactures high-efficiency heating, ventilation, and air conditioning (HVAC) equipment for commercial and industrial applications. The company is headquartered in Tulsa, Oklahoma, and was founded in 1988 by Norm Asbjornson.

Its product portfolio includes rooftop units, air-handling units, condensing units, heat pumps, chillers, and related HVAC components. AAON's equipment is used in applications such as office buildings, schools, healthcare facilities, retail properties, data centers, and other commercial or industrial structures.

AAON sells its products primarily through manufacturer representatives and other distribution channels serving customers in the United States and Canada.

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